Egypt establishes new company to manage its anticipated capital city

Egypt’s newly founded company responsible for the country’s new capital city has held late Sunday its first constituent assembly.

Named Administrative Capital City for Urban Development, the company is an Egyptian partnership; with a sole propose of managing the proposed administrative capital city project  to be located between Cairo and the Suez Canal region.

The constituent assembly presided by Ahmed Weshahy has formed a board of directors of 13 members; 3 members New Urban Community Authority, six expertise and 4 representatives of the Armed Forces.

The new capital of Egypt is a large-scale project announced by Egyptian housing minister Mostafa Madbouly during Egypt Economic Development Conference (EEDC) on 13 March 2015.

The new, yet-unnamed city is to be located 45 kilometers (28 miles), east of Cairo and just outside the Second Greater Cairo Ring Road in a currently largely undeveloped area halfway to the seaport city of Suez.

According to the plans, the city would become the new administrative and financial capital of Egypt, housing the main government departments and ministries, as well as foreign embassies. On 700 square kilometres (270 sq m) total area, it would have a population of five million people, though it is estimated that the figure could rise to seven million.